Rishi Sunak has encouraged people to be “comfortable failing” when they start businesses during a conversation with billionaire Elon Musk.
The pair spent close to an hour talking at an event in central London where journalists were invited but not allowed to ask questions. Business leaders were given a chance to put questions to the duo.
They spoke about how to encourage people to start their own businesses. They also ranged onto topics like how to stop killer robots.
Mr Sunak spoke about how, as prime minister, his job was to make the country start-up friendly, hinting at reforms that may be coming in the autumn statement – including on pensions.
The prime minister said Chancellor Jeremy Hunt has got a “bunch of incredible reforms to unlock capital from all the people who have it and deploy it into growth equity” – but they’re a work in progress.
Mr Sunak went on to say another challenge for encouraging start-ups was “how do you transpose that culture from places like Silicon Valley across the world where people are unafraid to give up the security of a regular pay cheque to go and start something, and be comfortable with failure.”
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He added: “You’ve got to be comfortable failing, and knowing that’s just part of the process. That’s a tricky cultural thing to do overnight, but it’s an important part of I think creating that kind of environment.”
Mr Musk – who is the world’s richest man – told Mr Sunak – who is estimated to be worth hundreds of millions of pounds – that someone’s first start-up failing “shouldn’t be a catastrophic, career-ending thing”.
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The business leader said that, since starting a company is “high risk, high reward”, that people need incentives.
Image: The pair did not take questions from journalists. Pic: No 10 Downing Street
Mr Sunak said that he agrees, and said that relative to many European countries and California, the UK has much lower capital gains tax.
The event, which came after Mr Sunak’s two-day AI safety conference near Milton Keynes, saw the pair also speak about killer robots and other aspects of technology.
Mr Musk described artificial intelligence as “a magic genie” that grants you limitless wishes.
On robots, Mr Musk emphasised the need to have an off-switch – what some might call a kill-switch – for humanoid cyborgs.
“A humanoid robot can basically chase you anywhere,” he said, adding, “it’s something we should be quite concerned about. If a robot can follow you anywhere, what if they get a software update one day, and they’re not so friendly any more?”
Mr Sunak said “we’ve all watched” movies about robots that end with the machines being switched off.
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Labour’s shadow paymaster general Jonathan Ashworth said: “How out of touch is Rishi Sunak? After 13 years of the Tories, the public are enduring the worst cost of living crisis in memory and he is spending his time telling Elon Musk that he wishes they would give up their jobs and be ready to fail.
Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
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Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Image: Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”
The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.
The US House of Representatives will be in recess for the month of August, but the Senate still has a week of business to address two crypto bills before breaking.